MOSCOW, October 6 (RIA Novosti) - Russian officials have held "secret meetings" with Arab states, China and France on ending the use of the U.S. dollar in international oil trading, Britain's Independent newspaper reported on Tuesday.
The countries are reportedly seeking to switch from the dollar to a basket of currencies including the euro, Japanese yen, Chinese yuan, gold, and a new unified currency of leading Arab oil producing countries.
"Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars," the paper said.
The Independent said the meetings have been confirmed by Chinese and Arab banking sources.
"These plans will change the face of international financial transactions," a Chinese banker told the paper. "America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate."
